1 Updates
Russia wasted $4 bn in defence funds in 2012
Photo Credit: NATALIA KOLESNIKOVA, Getty Images

Russia wasted $4 bn in defence funds in 2012

Feb 7 2013, 12:51pm CST | by

Moscow, Feb 7 (IANS/RIA Novosti) Russia's budget watchdog has found nearly $4 billion was lost in financial violations in the country's defence spending for 2012.

Moscow, Feb 7 (IANS/RIA Novosti) Russia's budget watchdog has found nearly $4 billion was lost in financial violations in the country's defence spending for 2012. The Russian Audit Chamber identified...

Filed under: news

Full Story below YouTube Videos

 
 

 

1 year ago

Russia wasted $4 bn in defence funds in 2012

Feb 7 2013, 12:51pm CST | by

Moscow, Feb 7 (IANS/RIA Novosti) Russia's budget watchdog has found nearly $4 billion was lost in financial violations in the country's defence spending for 2012.

Moscow, Feb 7 (IANS/RIA Novosti) Russia's budget watchdog has found nearly $4 billion was lost in financial violations in the country's defence spending for 2012.

The Russian Audit Chamber identified waste and misappropriation totalling almost 117.5 billion rubles -- just over $3.9 billion -- in the area of national defence, said Viktor Zavarzin, first deputy head of the State Duma's Defense Committee.

This was disclosed after a meeting attended by officials from the defence and finance ministries, the Prosecutor General's Office and other agencies.

The defence ministry has been plagued by corruption scandals over the past year.

Former minister Anatoly Serdyukov was sacked in November 2012 amid a $130 million fraud investigation into the sale of ministry property.

And last month, Russian police said they had uncovered the embezzlement of some $17 million by the country's Strategic Missile Forces dating back to 2008.

A significant portion of the 2012 violations, estimated at nearly 70.4 billion rubles (about $2.3 billion), had to do with over-spending on state contracts despite established thresholds, Zavarzin said.

He added that "unauthorised and ineffective expenditure of budget funds equalled, respectively, 10.6 million rubles and 23,173,000 rubles", and that 114 million rubles had been reimbursed to the government.

Defense Committee member Alexander Tarnayev blamed part of this misspending on outsourcing for services like food and laundry.

He suggested that one way to save money "when forming the federal budget for 2013 and the 2014-2015 planning period" would be to monitor state contracts more closely to ensure contractors and sub-contractors are not over-charging.

Tarnayev cited 2012 spending on food for servicemen as an example.

He said the difference between the total contracts signed by the defence ministry with the Voyentorg company, meant to provide this service, and the contracts signed by Voyentorg with its relevant sub-contractors may be as high as 672.7 million rubles, or over $22 million, based on the Audit Chamber's findings.

--IANS/RIA Novosti

pm/vd

IANS

Source: IANS

 

Don't miss ...

 

<a href="/latest_stories/all/all/8" rel="author">Luigi Lugmayr</a>
Luigi is the founding Chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com. Luigi posts regularly on LuigiMe.com about his experience running I4U.

 

blog comments powered by Disqus

Latest stories

EmpowHer Institute to Honor Four Amazing and Unstoppable Women at the Annual Girls to Greatness Luncheon Saturday, April 26, 2014 – the Beverly Hills Hotel
Honorees include: Musette Buckley – Senior V.P., Warner Bros. Pictures; The Honorable LaDoris (Dot) Harris, Director of the Office of Economic Impact and Diversity at the United States Department of Energy; Renata Simril, Senior V.P. of External Affairs at The Los Angeles Dodgers; Denita Willoughby, Regional V.P. of External Affairs at Southern California Gas Company.
 
 
DDA Seeks Businesses and Tenants for &quot;Suite Spot @ Sugar Hill&quot;
The City of Sugar Hill Downtown Development Authority is recruiting businesses and tenants for sought after downtown area. Come grow with the City of Sugar Hill.
 
 
Obama Has Legal Duty to Provide Clemency for Drug Offenders Says Federal Clemency Advocacy Center
Federal criminal justice reform advocates support the Obama administration clemency review plans but say that much more is needed. Advocates say that the President has a legal and moral duty to commute the sentences of tens of thousands of people in prison for mandatory minimum sentences.
 
 
The Academic Advantage Reaches a Settlement with the New York U.S. Attorney’s Office Over New Employees’ Fraud
New York, NY, April 22, 2014 --(PR.com)-- The Academic Advantage reached a settlement to pay $2 million after an investigation regarding allegations of misconduct of federal funds in the government-funded tutoring...
 
 
 

Latest from the Network

FCC to propose pay-for-priority Internet standards
LOS ANGELES (AP) — The Federal Communications Commission is set to propose new open Internet rules that would allow content companies to pay for faster delivery over the so-called "last mile" connection to people's...
Read more on Business Balla
 
Debra Messing has lost 20 pounds
Debra Messing feels great after losing 20 pounds. The former 'Will and Grace' star - who split from Daniel Zelman in June 2012 after 10 years of marriage, with whom she has 10-year-old son Roman - claims she didn't mean...
Read more on Celebrity Balla
 
Apple's iPad Rules The Enterprise. So When's The Second Act?
Apple's iPad is a fixture in the enterprise market, the company is proud to say. During the investor call for its second quarterly earnings Apple CEO Tim Cook noted–as he has in previous earnings calls–that 98% of the...
Read more on Apple Balla
 
Zynga founder Pincus leaving operations role
NEW YORK (AP) — Online game maker Zynga's founder Mark Pincus is stepping down as chief product officer, less than a year after he was replaced as the company's CEO, as the company's sales slide. Zynga...
Read more on Business Balla
 
Courteney Cox sparks engagement rumors
Courteney Cox has sparked rumors she is engaged to Johnny McDaid. The former 'Friends' actress, who started dating the Snow Patrol frontman in September, was spotted wearing a huge diamond ring on her engagement finger...
Read more on Celebrity Balla
 
Reports On The Death Of The iPad Are Greatly Exaggerated
Apple’s second quarter results were announced today by CEO Tim Cook (Mark Rogowsky has more coverage here on Forbes). As part of the earnings call, Cook talked about the sales and acceptance of the iPad. Sales are lower...
Read more on Apple Balla
 
Prefabulous World: Energy-Efficient And Sustainable Homes Around The Globe
Recently, I interviewed Sheri Koones, author of the new book titled Prefabulous World: Energy-Efficient and Sustainable Homes Around the Globe, which features sophisticated examples of eco-friendly home design in...
Read more on Business Balla
 
Note to Airlines: Start Talking to Your Customers
When it comes to air travel, there’s certainly no shortage of bad customer stories. A report released last week by the U.S. PIRG Education Fund pored through five years of airline passenger complaints to the Department...
Read more on Business Balla
 
Apple Splits Stock 7-For-1, Will Splash $130B In Cash On Investors
Talk about burying the lede. Apple announced a 7-for-1 stock split Wednesday, but not until the last sentence of a press release heralding an upsized capital return program to $130 billion and alongside the company’s...
Read more on Business Balla
 
John Baker's Desire2Learn Is Leading Education Transformation
A Series of Forbes Insights Profiles of Thought Leaders Changing the Business Landscape:  John Baker, Founder and CEO, Desire2Learn… Desire2Learn (D2L) is transforming education through technology.  The Waterloo,...
Read more on Business Balla
 
 
Auto Balla Sexy Balla Sport Balla TV Balla Politics Balla Movie Balla Apple Balla Business Balla Ad Balla Celebrity Balla